Vol. 420 No. 4
19 Mr. G. O'Sullivan asked the Minister for Finance the total amount raised by the State as a result of the sale of Irish Life shares; the actual cost of the flotation of Irish Life; the purposes to which the proceeds of the sale have been put by the Minister; and if he will make a statement on the matter.
The total proceeds of the sale of shares in Irish Life plc amounted to £270.4 million. In addition, interest totalling £0.7 million accrued to the Exchequer on various bank accounts through which the funds received from purchasers of the shares were processed. The costs, including VAT, borne by my Department in connection with the sale and the restructuring of the company amounted to £7.4 million. The proceeds of the sale were paid into the Exchequer in accordance with Section 2 of the Insurance Act, 1990 and accounted for as Exchequer capital receipts.
The proceeds of the Irish Life sale were used to reduce borrowing and to ease the burden of the national debt.
